DUBLIN – Dole plc (NYSE: DOLE) today announced its financial results for the first quarter ended March 31, 2024, which exceeded analyst expectations for adjusted earnings per share (EPS).
The company reported first-quarter adjusted EPS of $0.43, which was $0.10 ahead of analyst estimates of $0.33. Revenue for the quarter was in line with consensus at $2.12 billion.
Dole’s first-quarter results showed significant growth in net income, which increased 219.5% to $65.4 million. The company also reported revenue growth of 6.6% compared to the same quarter last year, indicating sturdy operating performance across all segments. Adjusted EBITDA increased 9.7% to $110.1 million, reflecting the company’s successful management and strategic initiatives.
Carl McCann, executive chairman of Dole, expressed satisfaction with the quarter’s results, highlighting a 6.6% revenue escalate and an escalate in adjusted EBITDA. “In March, we successfully completed the sale of our 65% interest in Progressive Produce and used the net proceeds to strengthen our financial position by reducing our long-term debt by $100 million,” McCann said. He also noted that the company’s sturdy start to the year positions it well to achieve another sturdy result in 2024.
Looking ahead, Dole maintains its full-year guidance targeting 2023 adjusted EBITDA on a like-for-like basis, which assumes a target of at least $360 million. The company also expects to maintain capital expenditures for continuing operations at $110 million to $120 million while lowering projected interest expense to the $75 million to $80 million range.
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The first quarter’s success was driven by higher global sales volumes for bananas and pineapples, improved prices and higher volumes for avocados, and generally sturdy volumes and better prices for most commodities. These positive results were partially offset by lower global banana prices and the impact of the sale of the Progressive Produce business.
Dole’s solid financial position is also demonstrated by its ability to reduce net debt to $776 million at the end of the quarter. The company remains committed to achieving sturdy results in fiscal 2024, underpinned by a solid start and strategic initiatives.
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